As is true of many things in life the Uniform Commercial Code’s statutes concerning the role of promissory notes in a mortgage foreclosure are both simple and at the same time complicated. Foreclosure documents are public records and are recorded with the Clerk and Recorder. By law, foreclosure sales take place on the first Tuesday of the month between the hours of 10:00 a.m. and 4:00 p.m. Bidding is open to the public, but the mortgage holder often is the only bidder.
The holder of a mortgage without this clause has only two options: either to wait until all of the payments come due or convince a court to compel a sale of some parts of the property in lieu of the past due payments. Exception: In case the place within said province in which the sale is to be made is subject to stipulation, such sale shall be made in said place or in the municipal building of the municipality in which the property or part thereof is situated.
Such a petition will suspend the foreclosure proceedings if it is properly filed with the Clerk of the U. S. Bankruptcy Court before the property is sold on the courthouse steps. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.
These foreclosures are not related to property tax and are not handled by the Wake County Revenue Department. I believe everyone facing financial distress or a foreclosure should read the foreclosure statutes and laws that have been added during House and Senate sessions in Florida.
Those who are unaccustomed with investigating foreclosed homes or unsure of local property values might find it difficult to compete or worse, end up overpaying for an undesirable home. The summary judgment in favor of MERS is reversed, and the foreclosure action is dismissed.